Electromed Inc (ELMD) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Electromed Fiscal Q3 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mike Cavanaugh, Investor Relations. You may begin.

各位好，歡迎參加 Electromed 2026 會計年度第三季（Fiscal Q3 2026）財報電話會議。此刻所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。若在會議期間需要接線員協助，請在電話鍵盤上按 *0。提醒各位，本次會議將被錄音。現在我想把會議交給本次主持人、投資人關係部的 Mike Cavanaugh。您可以開始了。

Good afternoon and thank you for joining the Electromed earnings call. Earlier today, Electromed Incorporated released financial results for the third quarter of fiscal 2026. The press release is currently available on the company's website at www.smartvest.com.

各位下午好，感謝您參加 Electromed 的財報電話會議。今天稍早，Electromed Incorporated 已公布 2026 會計年度第三季的財務結果。新聞稿目前可於公司網站 www.smartvest.com 查閱。

Before we get started, I would like to remind everyone that some of the statements that management will make on this call are considered forward-looking statements, including statements about the company's future operating and financial results and plans.

在開始之前，我想提醒各位，管理層在本次電話會議中所做的部分陳述可能屬於前瞻性陳述，包括關於公司未來營運與財務結果以及計畫的陳述。

Such statements are subject to risks and uncertainties that could cause actual performance or achievements to be materially different from those projected. Any such statements represent management's expectations as of today's date. You should not place any undue reliance on those forward-looking statements, and the company does not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Please refer to the company's SEC filings for further guidance on this matter.

此類陳述受各項風險與不確定性影響，可能導致實際表現或成果與預測存在重大差異。任何此類陳述均代表管理層截至今日的預期。您不應過度依賴這些前瞻性陳述；公司亦不承擔因新資訊、未來事件或其他原因而更新或修訂前瞻性陳述的任何義務。關於此事項的進一步指引，請參閱公司向 SEC 提交的文件。

Joining me on the call today are Jim Cunniff, Electromed's President and Chief Executive Officer, and Brad Nagel, Chief Financial Officer. As on previous calls, Jim will provide operational highlights from the quarter. Brad will then review the financials, and we will close with a question-and-answer session. With that, I will now turn the call over to Jim Cunniff, President and Chief Executive Officer of Electromed.

今天與我一同參與電話會議的有 Electromed 總裁兼執行長 Jim Cunniff，以及財務長 Brad Nagel。如同以往的電話會議，Jim 將分享本季的營運重點。接著 Brad 將回顧財務表現，最後我們將以問答環節作結。接下來，我把電話會議交給 Electromed 總裁兼執行長 Jim Cunniff。

Good afternoon, everyone, and thank you for joining us today. I am excited to share our third-quarter results. Let me start with the headlines. Q3 marks our 14th consecutive quarter of year-over-year revenue and profit growth. We delivered revenue of $18.6 million, representing 18.4% growth compared to the prior year. This performance reflects the strength of our commercial execution and the growing recognition of SmartVest as the leading solution for airway clearance.

各位下午好，感謝今天加入我們。我很高興與各位分享我們第三季的成果。我先從重點摘要開始。第三季是我們連續第 14 個季度實現營收與獲利的年增成長。我們實現營收 1,860 萬美元，較去年同期成長 18.4%。此表現反映我們商業執行力的強勁，以及 SmartVest 作為氣道清除（airway clearance）領先解決方案的市場認可度持續提升。

Growth was broad-based across our business. Our flagship home care segment grew a robust 19%. Our distributor revenues increased 3%, driven by consistent demand from our DME partners. Hospital grew 43% over the prior year and rebounded after a slow second quarter. This diversified growth demonstrates the strength of our market position and the effectiveness of our multi-channel strategy. Even more impressive is our record bottom-line performance. Operating income increased to $3.8 million in the third quarter, a 76% increase versus the prior year. Diluted earnings per share came in at $0.35, up 67% versus the prior year.

成長動能遍及我們的各項業務。我們的旗艦居家照護（home care）業務強勁成長 19%。經銷商營收成長 3%，主要受惠於我們 DME 合作夥伴的穩定需求。醫院端（Hospital）較去年同期成長 43%，並在第二季較為疲弱後出現反彈。這種多元化的成長顯示我們市場地位的穩固，以及多通路策略的有效性。更令人印象深刻的是我們創紀錄的獲利表現。第三季營業利益提升至 380 萬美元，較去年同期增加 76%。稀釋後每股盈餘為 0.35 美元，較去年同期成長 67%。

From a balance sheet perspective, we maintained a strong cash position of $17 million. As you may recall, our Board approved a $10 million stock repurchase authorization in the first quarter, reflecting our confidence that Electromed represents a sound investment. Yet, we slowed repurchasing activity in Q3 as we assessed the recent macro market dynamics. We remain committed to finding ways to deliver value back to our shareholders.

從資產負債表角度來看，我們維持強勁的現金部位 1,700 萬美元。各位或許記得，我們董事會在第一季核准了 1,000 萬美元的庫藏股回購授權，反映我們對 Electromed 作為一項穩健投資的信心。然而，在評估近期總體市場動態後，我們在第三季放緩了回購活動。我們仍致力於尋找方式，為股東帶來價值回饋。

Looking at our results, it is clear that the business model Electromed has built is working well. Our focus on airway clearance for the home care market, coupled with our productive sales and fulfillment teams, which handle the process from prescription to delivery in the patient's home, sets us apart in the market. Moreover, our business model is a strong foundation for continued future growth. As we have said many times, bronchiectasis is underdiagnosed and airway clearance is under prescribed. That said, let me turn to what I believe is the most exciting part of our story, the underserved bronchiectasis market. This represents the primary strategic opportunity for Electromed, which we are executing to capture.

從我們的成果來看，很明顯 Electromed 所建立的商業模式運作良好。我們聚焦於居家照護市場的氣道清除，並結合高效率的銷售與履約團隊，能夠從處方到送達病患家中全程處理，這使我們在市場上脫穎而出。此外，我們的商業模式也為未來持續成長奠定了堅實基礎。正如我們多次提到的，支氣管擴張症（bronchiectasis）存在被低估診斷（underdiagnosed）的情況，而氣道清除治療也存在處方不足（under prescribed）。話雖如此，接下來我想談我認為我們故事中最令人振奮的部分：尚未被充分服務的支氣管擴張症市場。這是 Electromed 的主要策略性機會，而我們正積極執行以把握並取得成果。

The numbers tell a compelling story. Today, approximately 923,000 patients in the United States are diagnosed with bronchiectasis, yet only 16% are currently benefiting from high-frequency chest wall oscillation therapy. Think about that. Nearly 800,000 diagnosed patients could experience the life-changing benefits from our SmartVest system but are not receiving this therapy today.

數據呈現出一個極具說服力的故事。目前，美國約有 923,000 名患者被診斷為支氣管擴張症，但只有 16% 正在受益於高頻胸壁振盪（high-frequency chest wall oscillation, HFCWO）治療。請想想看。將近 800,000 名已確診患者本可透過我們的 SmartVest 系統獲得改變生活的效益，但目前尚未接受此治療。

Equally compelling is that it is estimated that over 4 million additional individuals may have undiagnosed bronchiectasis. This highlights not just a large commercial opportunity, but the need for continued education and awareness about this disease. To seize this opportunity, Electromed launched our innovative Triple Down on Bronchiectasis campaign, which promotes a powerful three-pronged treatment paradigm that is changing how clinicians think about bronchiectasis management.

同樣引人注目的是，估計還有超過 400 萬名個體可能患有未被診斷的支氣管擴張症。這不僅凸顯龐大的商業機會，也顯示持續推動此疾病教育與認知的重要性。為把握此機會，Electromed 推出了創新的「Triple Down on Bronchiectasis」行銷活動，倡導一個強而有力的三管齊下治療典範，正在改變臨床醫師對支氣管擴張症管理的思維。

Number one, clear airways first with SmartVest to effectively remove mucus, which is the fuel for future infections. Second, treat the patient's infection with antibiotics. And third, help reduce inflammation.

第一，先用 SmartVest 清除氣道，以有效移除黏液；黏液是未來感染的溫床。第二，使用抗生素治療患者的感染。第三，協助降低發炎反應。

This approach helps break what we call the vicious vortex, where chronic infection, persistent inflammation, and damaged airways continuously worsen, leading to progressive lung disease and reduced quality of life for patients.

此方法有助於打破我們所稱的「惡性渦旋（vicious vortex）」：慢性感染、持續性發炎與受損氣道不斷惡化，導致肺部疾病進展並降低患者生活品質。

The campaign is delivering results. Our digital promotion of the clear airways-first messaging has been running for 18 months and has generated over 2 million impressions and more than 65,000 visits to our educational landing pages. We are reaching clinicians where they are and changing the conversation around bronchiectasis treatment.

這項活動正在帶來成果。我們以「先清除氣道」為核心訊息的數位推廣已進行 18 個月，累計產生超過 200 萬次曝光（impressions），並帶來超過 65,000 次造訪我們教育型落地頁（landing pages）。我們在臨床人員所在之處觸及他們，並改變關於支氣管擴張症治療的對話。

At the same time, our clinical team is out in the field making a difference. In the third quarter alone, they spoke at four regional respiratory conferences promoting what we call the ABCs of bronchiectasis: always be clearing the airways first with SmartVest. We are also seeing success with peer-to-peer education. We conducted four virtual webinars featuring respected pulmonologists, which were attended by over 375 clinicians. When physicians hear from their peers about the clinical benefits of SmartVest, it moves the needle. Our presence at key conferences continues to expand our reach. The SmartVest team attended three national conferences in the quarter, ensuring we are visible and engaged where bronchiectasis specialists gather.

同時，我們的臨床團隊也在第一線發揮影響力。僅第三季，他們就在四場區域性呼吸相關會議上演講，推廣我們所稱的支氣管擴張症 ABC：Always Be clearing the airways first with SmartVest（永遠先用 SmartVest 清除氣道）。我們也在同儕對同儕（peer-to-peer）教育方面看到成效。我們舉辦了四場線上研討會（virtual webinars），邀請備受尊敬的肺科醫師主講，吸引超過 375 位臨床人員參與。當醫師從同儕口中聽到 SmartVest 的臨床效益時，確實能推動採用。我們在關鍵會議上的能見度持續擴大，進一步延伸觸及範圍。本季 SmartVest 團隊參與了三場全國性會議，確保我們在支氣管擴張症專家聚集之處保持可見度並積極互動。

We have also been doing important research to understand where the gaps are in patient care. We completed a manuscript based on data from the NTM Bronchiectasis Research Registry, which found that 58% of qualifying patients were not prescribed HFCWO therapy despite meeting clinical criteria. This gap represents an obvious opportunity for early intervention, and our team is working aggressively to close it, in part through our SIP on This campaign, aimed at driving conversations with high bronchiectasis-diagnosing physicians who are not yet prescribing HFCWO.

我們也進行了重要研究，以了解患者照護中的缺口所在。我們完成了一篇基於 NTM Bronchiectasis Research Registry 數據的論文稿，研究發現：儘管符合臨床標準，仍有 58% 的合格患者未被開立 HFCWO 治療處方。這項缺口代表明顯的早期介入機會；我們的團隊正積極努力縮小差距，其中一部分透過我們的「SIP on This」活動，旨在推動與那些支氣管擴張症診斷量高、但尚未開立 HFCWO 處方的醫師展開對話。

Beyond clinical education, we are also innovating on the technology and process side to make it easier for clinicians to prescribe SmartVest and for patients to receive therapy faster. Our Smart Order e-prescribe solution is transforming how clinics submit orders to our fulfillment team. This is particularly timely, given that CMS recently finalized new rules requiring covered entities to modernize their processing of orders and phase out faxes by May 2028. Our e-prescribe solution already meets CMS requirements for electronic signatures and processing of orders, positioning us ahead of this industry shift.

除了臨床教育之外，我們也在技術與流程面持續創新，讓臨床人員更容易開立 SmartVest，並讓病患更快開始接受治療。我們的 Smart Order 電子處方（e-prescribe）解決方案，正在改變診所向我們履約團隊提交訂單的方式。鑑於 CMS 近期已定案新規，要求受涵蓋的機構在 2028 年 5 月前將訂單處理流程現代化並逐步淘汰傳真，這項進展尤其切合時機。我們的電子處方解決方案已符合 CMS 對電子簽名與訂單處理的要求，使我們在這波產業轉型之前就已領先布局。

The introduction of the e-prescribe solution has been a success. In the third quarter, over 40% of orders came through our SmartOrder solution, resulting in a five-day reduction in average days to ship versus fax orders. And the number of prescriptions processed through the system is only anticipated to increase. That means patients get their therapy faster and clinics benefit from improved workflow.

電子處方解決方案的導入已獲得成功。在第三季，超過 40% 的訂單透過我們的 SmartOrder 解決方案送出，使平均出貨天數相較於傳真訂單縮短了 5 天。而透過該系統處理的處方數量預期只會持續增加。這代表病患能更快獲得治療，診所也能受益於更順暢的工作流程。

Increasing payer coverage remains a primary strategy to ensure patients benefit from our technology. I am pleased to report that we now have 86% of covered lives in the US under contract who could benefit from SmartVest. The covered lives we have added over the past 18 months have resulted in over 50 referrals where we would have otherwise not been able to recognize revenue. Each one of those represents a patient whose life we can improve.

提高付款方（payer）給付涵蓋範圍，仍是確保病患能受惠於我們技術的主要策略。我很高興報告，我們目前在美國已有 86% 的受保人群（covered lives）納入合約，這些人群都可能受益於 SmartVest。我們在過去 18 個月新增的受保人群，帶來了超過 50 件轉介，若非如此我們原本將無法認列營收。其中每一件都代表著一位我們能改善其生活的病患。

On the commercial side, we ended Q3 with 58 direct sales representatives. While this is flat versus the second quarter, I am happy to report that we have since added four additional sales representatives to our roster, which is now up to 62, maximizing our market coverage.

在商業端方面，我們於第三季末共有 58 位直銷業務代表。雖然與第二季持平，但我很高興報告，我們之後已再新增 4 位業務代表，使團隊人數提升至 62 位，最大化我們的市場覆蓋。

Before I hand the call over to Brad, I want to touch briefly on our operational capabilities, which are yet another significant competitive advantage, especially in today's environment. Our manufacturing optimization plan initiated last year is complete. We physically restructured our manufacturing facility to improve our production process and provide capacity for future growth. I am particularly proud that our products are manufactured in the United States. Electromed is a U.S.-based company with operations and product assembly located domestically, and 99% of our net revenues are generated in the United States. While not without risk, we have continued to maintain our strong track record of on-time delivery to our customers and sustain our robust gross margins, even during the current uncertain global environment. With that, I would like to turn the call over to Brad for a review of our financials. Brad, over to you.

在我把電話交給 Brad 之前，我想簡要談談我們的營運能力，這也是另一項重要的競爭優勢，尤其是在當今環境下。我們去年啟動的製造優化計畫已完成。我們對製造設施進行了實體重整，以改善生產流程並為未來成長提供產能。我尤其自豪的是，我們的產品在美國製造。Electromed 是一家美國公司，營運與產品組裝皆位於美國境內，且我們 99% 的淨營收來自美國。儘管並非毫無風險，即使在目前全球環境不確定的情況下，我們仍持續維持對客戶準時交付的優異紀錄，並保持強勁的毛利率。接下來，我想把電話交給 Brad，請他回顧我們的財務表現。Brad，交給你。

All amounts I am about to discuss are for the three months ended March 31, 2026, Q3 fiscal year 2026, and compared to the three months ended March 31, 2025, Q3 fiscal year 2025. Net revenues grew 18.4% to $18.6 million from $15.7 million. Revenue in the direct home care business increased by 18.6% to $16.7 million from $14.1 million. The increase in revenue was primarily due to an increase in direct sales representatives and higher net revenues per sales representative.

我接下來要討論的所有金額，皆為截至 2026 年 3 月 31 日止三個月（2026 會計年度第三季），並與截至 2025 年 3 月 31 日止三個月（2025 會計年度第三季）相比。淨營收成長 18.4%，由 1,570 萬美元增至 1,860 萬美元。直營居家照護業務營收成長 18.6%，由 1,410 萬美元增至 1,670 萬美元。營收增加主要來自直銷業務代表人數增加，以及每位業務代表的淨營收提高。

Throughout Q3, we averaged 57 home care direct field sales representatives. The annualized home care revenue per weighted average direct sales representative in Q3 was $1,168,000, exceeding the target range of $1 to $1.1 million for the second straight quarter.

整個第三季期間，我們平均有 57 位居家照護直營外勤業務代表。第三季每位加權平均直銷業務代表的居家照護年化營收為 116.8 萬美元，連續第二季超越 100 萬至 110 萬美元的目標區間。

Non-home care revenue was $1.8 million. Hospital revenue grew 42.5%, totaling $1.0 million. Home care distributor revenue was $0.7 million, an increase of 2.7%. Other revenue of $0.1 million declined 40.7%. Gross profit increased year-over-year to $14.6 million, or 78.8% of net revenues, from $12.2 million, or 78.0% of net revenues. The increases in gross profit dollars and gross profit percentage were primarily a result of increased overall revenue and higher net revenues per device.

非居家照護營收為 180 萬美元。醫院端營收成長 42.5%，合計 100 萬美元。居家照護經銷商營收為 70 萬美元，成長 2.7%。其他營收 10 萬美元，下滑 40.7%。毛利年增至 1,460 萬美元，佔淨營收 78.8%，高於去年的 1,220 萬美元（佔淨營收 78.0%）。毛利金額與毛利率的提升，主要是整體營收增加以及每台設備的淨營收提高所致。

Selling, general, and administrative, or SG&A expenses, were $10.5 million, representing an increase of $0.7 million, or 7.2%. The increase in the current period was primarily due to increased salaries and incentive compensation related to the higher average number of sales headcount and higher overall compensation costs.

銷售、一般及行政費用（SG&A）為 1,050 萬美元，增加 70 萬美元，增幅 7.2%。本期增加主要由於平均銷售人力增加，以及整體薪酬成本提高所帶動的薪資與獎勵性薪酬增加。

Operating income was $3.8 million, or 20.3% of net revenues, compared to $2.1 million, or 13.6% of net revenues. The 76% increase in operating income was primarily due to the increases in revenue and gross profit. Net income increased by 58.8% to $3 million, or $0.35 per diluted share, compared to $1.9 million, or $0.21 per diluted share.

營業利益為 380 萬美元，佔淨營收 20.3%，相較之下去年為 210 萬美元，佔淨營收 13.6%。營業利益增加 76%，主要是因營收與毛利提升。淨利成長 58.8% 至 300 萬美元，或稀釋後每股盈餘 0.35 美元；相較去年為 190 萬美元，或稀釋後每股盈餘 0.21 美元。

As of March 31, 2026, Electromed had $17 million in cash, $28.3 million in accounts receivable, and no debt, achieving a working capital of $40 million and total shareholders' equity of $49.2 million.

截至 2026 年 3 月 31 日，Electromed 持有現金 1,700 萬美元、應收帳款 2,830 萬美元，且無負債，營運資金達 4,000 萬美元，股東權益總額為 4,920 萬美元。

The cash balance reflects an increase of $1.7 million for the nine months ended March 31, 2026, compared to a decrease in cash of $0.8 million in the nine months ended March 31, 2025. The increase in cash for the nine months ended March 31, 2026, was driven primarily by positive operating cash flow of $6.7 million, partially offset by share repurchases of $3.9 million of Electromed common stock. While the Q3 growth rates of 18% for revenue and 76% for operating income represent recent quarterly highs rather than a new normal expectation, we remain confident in our ability to continue to deliver double-digit revenue growth, coupled with expanded operating leverage as we close out fiscal year 2026 and continue to help more patients to breathe easier into the future.

現金餘額反映截至 2026 年 3 月 31 日止九個月現金增加 170 萬美元；相較之下，截至 2025 年 3 月 31 日止九個月現金減少 80 萬美元。截至 2026 年 3 月 31 日止九個月的現金增加，主要由 670 萬美元的正向營運現金流所帶動，部分被回購 Electromed 普通股 390 萬美元所抵銷。雖然第三季營收 18% 與營業利益 76% 的成長率屬於近期單季高點，而非新的常態預期，但我們仍有信心在 2026 會計年度結束之際持續交出雙位數營收成長，並在營運槓桿擴大的同時，持續協助更多病患在未來呼吸更順暢。

With that, we would like to move to the Q&A portion of the call. Operator, please open the call to questions.

接下來，我們想進入本次電話會議的問答環節。接線員，請開放提問。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue.

謝謝。我們現在將進行問答環節。若您想提問，請在電話鍵盤上按星號 1。確認音將表示您的線路已進入提問佇列。若您想將問題自佇列中移除，您可以按星號 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask you to please limit to one question and one follow-up.

使用擴音設備的與會者，可能需要先拿起話筒再按星號鍵。也請各位將提問限制為一個問題與一個追問。

First question; Kyle Bowser, Titan Partners.

第一個問題：Kyle Bowser，Titan Partners。

Hi, Jim and Brad. Thanks for taking my questions, and congrats on another really impressive quarter here.

嗨，Jim 和 Brad。謝謝讓我提問，也恭喜你們又交出一個非常亮眼的季度表現。

So, it sounds like a key contributor to the strong sales growth has been headcount additions, and I know there is a ramp-up period for reps, but you have still managed to come in above the targeted range. Have you been adding territories or regions, or have you been splitting existing territories in half? Just kind of wondering how you have been layering in reps?

所以，聽起來強勁的銷售成長有一個關鍵貢獻因素是人力擴編；我也知道業務代表需要一段爬坡期，但你們仍然能高於目標區間。你們是新增了新的銷售區域或地區，還是把既有的區域一分為二？我只是想了解你們是如何逐步配置與導入業務人力的？

Well, Kyle, it is good to hear your voice, and thanks for the question.

Kyle，很高興聽到你的聲音，也謝謝你的問題。

As we had indicated during our prepared remarks, we really, on average, had about 57 reps this past quarter. So, given the strong performance, that is really attributable to the reps that we had in territory, coupled with the fact that I think we did have some positive tailwinds relative to our insurance mix, which really helped benefit the revenue. But that being said, we ended the quarter with 58 reps.

正如我們在事先準備的發言中所提到的，上個季度我們平均大約有 57 位業務代表。因此，鑑於強勁的表現，這確實可歸因於我們在各區域配置的業務代表，再加上我認為我們的保險組合也出現了一些正向順風，確實有助於帶動營收。不過話說回來，我們在季度末共有 58 位業務代表。

As I have been indicating all year, we intended to have 61 territories by the end of our fiscal year. We are now at 62 territories filled, so we are actually starting to add reps as we start to conclude Q4 and start to look at the horizon for our next fiscal year. And in the next fiscal year, we intend to add probably four to five additional reps, and we are on that journey right now.

正如我今年一直在說的，我們的目標是在本財政年度結束前達到 61 個區域。我們目前已填補 62 個區域，因此在 Q4 接近尾聲、並開始展望下一個財政年度之際，我們其實已開始增加業務代表。而在下一個財政年度，我們打算再增加大約 4 到 5 位業務代表，我們現在就正在推進這項工作。

Okay, appreciate that. That was going to be my follow-up, which was kind of what is the upper bound in terms of headcount, so appreciate that.

好的，感謝說明。那本來就是我接下來要追問的問題，也就是人力編制的上限大概是多少，所以謝謝。

And I guess for my follow-up, do you still believe Brynsupri has been a net positive for SmartVest, given the increased awareness around bronchiectasis and what that is been able to do?

那我接著追問一下，考量到支氣管擴張症的能見度提升，以及這對市場帶來的影響，你們是否仍認為 Brynsupri 對 SmartVest 來說是淨正面效益？

Yes, we do. I think the key thing for everybody on the call to remember is that bronchiectasis is a chronic and irreversible disease.

是的，我們認為是。我想在電話會議上大家要記住的一個關鍵是：支氣管擴張症是一種慢性且不可逆的疾病。

And certainly, when we look at it, the drug addresses inflammation, which is part of that vicious vortex that I mentioned during the call.

當然，從我們的角度來看，該藥物主要處理發炎，而發炎正是我在會議中提到的那個惡性循環漩渦的一部分。

But fundamentally, these are patients that have mucus that is building up in their airways, and they need to have something to remove that mucus, which is the fuel for future infections. And that is really where we come into play. So, we are part of that care continuum where we are actually removing the mucus. The Benzoate drug is helping to address inflammation, and that is really to stabilize the inflammation.

但從根本上說，這些患者的氣道內會累積黏液，他們需要有方法把黏液清除掉，因為黏液是未來感染的燃料。而這正是我們發揮作用的地方。因此，我們是照護連續體的一部分，負責實際清除黏液。Benzoate 藥物則有助於處理發炎，主要是為了穩定發炎狀態。

But certainly, the drug has been a tailwind due to increased patient and provider awareness, which has been terrific, I think, and it has raised all boats that are in this market. But the drug is an adjunct. It is not a replacement for SmartVest. And that is further validated by the fact that the guidelines have not been published by CHEST.

不過，該藥物確實因為提升了患者與醫療提供者的認知而成為順風，這非常棒，我認為也讓這個市場裡的所有參與者都受益。但該藥物是輔助治療。它不是 SmartVest 的替代品。這一點也進一步由 CHEST 尚未正式發布指引所驗證。

CHEST has actually issued preliminary guidelines, and part of the care continuum is airway clearance, and I think that is very promising. So, we are waiting for those results to be published. Those are really to help give clinicians some guidelines as to how to treat bronchiectasis patients, and heretofore, there really has not been any industry-wide guidelines here in the United States to treat bronchiectasis patients. So, we are excited about that.

CHEST 其實已發布初步指引，而照護連續體的一部分就是氣道清除，我認為這非常令人振奮。所以我們正在等待這些結果正式發表。這些指引將有助於為臨床醫師提供如何治療支氣管擴張症患者的建議；而迄今為止，在美國其實還沒有針對支氣管擴張症患者治療的全產業一致性指引。因此，我們對此感到很興奮。

Okay, got it. Now, that is helpful. Appreciate it, and congrats again on the results, particularly around earnings growth. I will jump back.

好的，了解。這很有幫助。謝謝，也再次恭喜你們的成果，特別是獲利成長方面。我先回到隊列。

Thank you.

謝謝。

Next Question; Benjamin Haner, Lake Street Capital Markets.

下一題：Lake Street Capital Markets 的 Benjamin Haner。

Good afternoon, gentlemen. Thanks for taking the questions.

各位先生下午好。謝謝讓我提問。

First off for me, just on the new sales reps, can you kind of remind us on how quickly it typically takes to get ramped up to productivity in a new territory and whether some of these folks are entering existing territories in which you have had turnover for voluntary or involuntary reasons?

我先問關於新進業務代表：能否請你們提醒一下，在新區域通常需要多久才能提升到具生產力的狀態？另外，這些人當中是否有一些是進入你們既有、因自願或非自願離職而出現人員更替的區域？

Yeah, so I think there are two parts to that question. So usually the ramp-up is anywhere from four to six months. Ben, so we are obviously always looking at ways to collapse that time frame, but that is a pretty good indicator of how long it takes for somebody to get their feet and get acclimated within this market and get acclimated to their new customers.

好的，我想這個問題有兩個部分。一般來說，爬坡期大約是 4 到 6 個月。Ben，我們當然一直在尋找縮短這段時間的方法，但這是個相當不錯的指標，反映一個人需要多久才能站穩腳步、適應這個市場，並熟悉他們的新客戶。

And then when you take a look at the 61 reps that we had projected for this year, some of those were extension territories for fiscal year 2026. However, we are right now at 62 reps. And so, as we are looking into next year, we are looking to add four to five additional territories. So we are at 62 right now, and we are already on that journey, so we are really excited about that.

再來，當你看我們今年原先預估的 61 位業務代表，其中有一些是為 2026 財政年度所規劃的延伸區域。不過我們目前是 62 位業務代表。因此，展望明年，我們希望再增加 4 到 5 個額外區域。所以我們現在是 62 位，而且已經在推進這項工作，我們對此非常興奮。

This past quarter, we did have a couple of people who actually retired, and so that is kind of something that you cannot project necessarily.

上個季度我們確實有幾位同仁退休，這類情況有時候不一定能事先預測。

But obviously, we are always going to have churn to some extent within our sales team, but we want to make sure that our territories are filled because this still is largely a clinical sale, and you need to have people in the market talking to pulmonologists, identifying patients that can benefit from our technology, and we feel like our reps do just an outstanding job with that.

但很明顯地，我們的銷售團隊在某種程度上總會有流動率；不過我們希望確保各區域都有補齊人力，因為這在很大程度上仍是一種臨床型銷售，你需要有人在市場上與胸腔科醫師溝通、辨識可從我們技術中受益的患者，而我們認為我們的業務代表在這方面做得非常出色。

Okay, that is helpful. And then just, considering the ABC always be closing mode, the 375 clinicians that you mentioned attending the various events that you have, is there a way that you can kind of tell or quantify when and whether they ultimately become prescribers?

好的，這很有幫助。另外，考量你們所說的 ABC（Always Be Closing，隨時促成成交）模式，你提到有 375 位臨床醫師參加你們各種活動；你們是否有方法可以判斷或量化他們最終何時、以及是否會成為開立處方者？

Well, I mean, we track it. So a lot of it is just awareness right now.

嗯，我們確實有追蹤。所以目前很大一部分仍是提升認知。

Part of the challenge that we have been — we have not been able to quantify, of the 375 participants that we had in some of the peer-to-peer educational conferences, what the conversion rate on that is. A lot of it is that sometimes some of these clinicians — and it can be a mix of pulmonologists and other specialties — are really getting exposed to this disease state, in many cases, and the different treatment options that are out there.

我們面臨的挑戰之一是——我們還無法量化：在我們舉辦的一些同儕對同儕教育型會議中，那 375 位參與者的轉換率是多少。其中很大一部分原因是，有時這些臨床醫師——可能是胸腔科醫師或其他專科的混合——在許多情況下是第一次真正接觸到這個疾病領域，以及市面上不同的治療選項。

So, we are helping to create that awareness, in addition to the drug that has recently been introduced in the market, as well as some of our other competitors that are out there.

因此，除了近期導入市場的藥物之外，再加上市面上其他競爭對手的推動，我們也在協助建立這方面的認知。

ATS, which is one of the large conferences for the year, is actually happening this week. And so, that is another opportunity for us to reach clinicians who are primarily on the clinical side that are doing studies, et cetera.

ATS（美國胸腔學會年會）作為年度大型會議之一，本週正在舉行。因此，這也是我們接觸臨床端醫師的另一個機會，他們主要從事臨床研究等工作。

And so, we are very excited about continuing to highlight our product, technology, and the difference it can make in patients' lives, and giving them awareness of our product.

因此，我們非常期待能持續強調我們的產品、技術，以及它能為患者生活帶來的改變，並提升他們對我們產品的認知。

Excellent. That is helpful. Thanks for taking the questions, gentlemen, and congrats on the quarter.

非常好。這很有幫助。謝謝讓我提問，各位先生，也恭喜本季表現。

Thank you.

謝謝。

There are no additional questions at this time. I would like to turn the floor back over to Jim Cunniff for closing comments.

目前沒有其他問題。我想把時間交還給 Jim Cunniff 作結語。

Thank you, operator. And for everybody that is on the call, in summary, our fiscal third-quarter momentum is firing on all cylinders. We have delivered strong financial results and are executing against the largely untapped bronchiectasis opportunity with precision and purpose. Our team is focused, our strategy is working, and we have significant runway ahead of us.

謝謝，接線員。也向所有在線上的各位做個總結：我們第三財季的動能正全速運轉。我們交出了強勁的財務成果，並以精準且有目標的方式，執行針對仍大幅未被開發的支氣管擴張症機會。我們的團隊專注、策略奏效，前方仍有相當可觀的成長跑道。

I want to thank our exceptional team for their dedication, our customers for their trust, and our shareholders for their continued support. We look forward to building on our momentum in the quarters ahead.

我要感謝我們卓越的團隊的投入、感謝客戶的信任，也感謝股東持續的支持。我們期待在未來幾個季度持續延續並擴大這股動能。

And with that, thank you, everyone.

以上，謝謝各位。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。